Ripple (XRP) is Skyrocketing, What’s Behind the Surge?

The bearish market may not be in total control of most cryptocurrencies as was the case a few days back when the bears hit Bitcoin down to the $5k region for the second time this year. Altcoins were not exempted from the scary event that has now led the Ethereum and XRP to trade places.

Ethereum which was leading as the second largest cryptocurrency was knocked out by Ripple xrp twice, in a span of 14 days. More interestingly, the chart is looking greener for XRP as token has now appreciated by an impressive 9.09%.

On the 17th of November, XRP opened at $0.472323, reached a daily all-time high of $0.496730, recorded a slight decline and fell below its opening price to sit at $0.466813, but when the token closed $0.491654, very close to the next resistance level which it has now broken, it was evident that the bulls were in for XRP, which is now trading at $0.512395 as of this writing.

As Ethereum continues to fall further, Ripple’s trading volume keeps multiplying, all thanks to Japanese exchange Bitbank whose trading pairs of Ripple against the Japanese yen (XRP/JYP) has birthed a trading volume of $124.67 Million, which adds to Ripple’s overall trading volume of $829.02 Million. Market capitalization for Ripple (XRP) is swelling by minutes, and the token has now amassed a total of $20.56 billion in Market Cap against Ethereum, its opponent who is still battling to sustain a Market Cap of $18.27 billion.

A Ripple Explosion

Although a few crypto personnel expected that Ripple’s success will be short lived as they perceived the upsurge as of the common “pump and dump” situations, where a token is highly invested in for a certain period of time, mainly because traders are unwilling to experience the “FOMO”, Ripple is slowly changing this narrative. In fact, CNBC’S Ran Neuner had urged traders yesterday, to dump Bitcoin and Bitcoin Cash due to the hashing war, and fully adopt Ripple.

Traders have even begun to compare the value of Bitcoin against Ripple. “Is XRP the next bitcoin?” one user tweeted “No, bitcoin couldn’t achieve the standards. XRP is the standard.” she concluded.

Adrian is an avid observer and researcher of the Cryptocurrency market. He believes in the future of digital currency and enjoys updating the public with breaking news on new developments in the Cryptocurrency space.
Contact: Adrian.klent [at] zycrypto.com